AASB issues two Invitations to Comment as part of its Post-implementation Review of certain requirements of Australian Accounting Standards that apply to not-for-profit entities

Thursday, November 17, 2022

The AASB is seeking feedback from stakeholders to assist its assessment of whether certain requirements of Australian Accounting Standards that apply to not-for-profit (NFP) public and private sector entities continue to meet their original objectives, including whether the requirements remain appropriate.

ITC 50 Post-implementation Review – Income of Not-for-Profit Entities considers the accounting for income of NFP entities set out in:

ITC 51 Post-implementation Review of Not-for-Profit Topics – Control, Structured Entities, Related Party Disclosures and Basis of Preparation of Special Purpose Financial Statements considers:

To accompany the Invitations to Comment (ITC), AASB staff have prepared a snapshot that provides an overview of the topics on which the AASB are seeking feedback.

ITC 50 and 51 are open until 31 March 2023, and we encourage NFP stakeholders to provide their feedback by:

Virtual outreach sessions:

 

In-person outreach sessions:

To register to attend an in-person session, please click here

 

 

 

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